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Take your time. There's no need to act before thoroughly understanding the pros and (most especially) the cons of the alternatives.

By the way, MEC stands for Modified Endowment Contract. In essence it is an IRS ruling (perhaps based on a change in law?) that eliminated some of the loopholes where folks were using life insurance loans to avoid certain taxes. The average bear doesn't run into often, but it might have applicability when one plans to take policy loans soon after establishing a policy. I've about exhausted my understanding of the MEC so I would just suggest that a combination of insurance agent and accountant working on your behalf should help steer you clear of any problems.

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